The Conference Board today (4-26-22) released their Consumer Confidence Index® (CCI) for April 2022. The CCI declined slightly in April after a modest increase in March. The Index (1985=100) now stands at 107.3, down from 107.6 in March.
News in end use
Home Purchasing Bidding Wars Retreat in March—The First Decline in 6 Months
Redfin reported today (4-25-22) that 65% of home offers written by their agents faced competition on a seasonally adjusted basis in March. That is down from a revised 66.7% in February. It also marks the first month-over-month decline since September of 2021. It also marks the first month-over-month decline since September of 2021.
Zillow’s March Real Estate Market Report: Home Prices Up 19.5% in Past 3 Months and 38% Year-Over-Year
Zillow Group is reporting that quickly rising mortgage rates continue to negatively impact affordability that has been brought on by record home value growth. As a result, monthly mortgage payments on a typical U.S. home are currently 19.5% higher than they were just 3-months ago and are 38% higher year-over-year.
Canadian Industrial Product Price Index Up 4.0% Month-Over-Month and 18.5% Year-Over-Year in March 2022
Statistics Canada (StatsCan) reported on Friday (4-22-22) that the Canadian Industrial Produce Price Index (IPPI) rose 4.0% month-over-month in March 2022. This increase is the largest monthly change on record since the series started in 1956. Growth was mainly driven by higher prices for refined petroleum products.
Unsuccessful Would-Be Home Buyers Are Increasingly Dropping Out of the Process
A closer look at the National Association of Home Builders’ latest Housing Trend Report reveals that 67% of buyers who were actively engaged in the process of finding a home in 2022 Q1 have spent 3+ months searching for a home without success. Forty-eight percent of respondents said it was because of their inability to find an affordable home.
Despite Headwinds, the U.S. Leading Economic Index® Continued to Improve in March 2022
The Conference Board, a non-partisan, not-for-profit think tank founded in 1916, released today (3-18-22) the Leading Economic Index® (LEI) for the U.S. in March 2022. According to the report, the LEI for the U.S. increased by 0.3% in March to 119.8 (2016=100), following a 0.6% increase in February.
Mortgage Rates Continued to Climb in Week Ending April 21, 2022, Marking the 7th Consecutive Weekly Increase
Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending April 21, 2022. The PMMS reports that the 30-year fixed-rate mortgage averaged 5.11% with an average 0.8 point, up from last week when it averaged 5.00%. A year ago, at this time, the 30-year FRM averaged 2.97%.
Weekly Jobless Claims Move Lower in the Week Ending April 16, 2022
The U.S. Department of Labor is reporting that an additional 184,000 Americans (seasonally adjusted) made their initial filing for unemployment benefits during the week ending on Saturday, April 16, 2022. This is a decrease of 2,000 from the previous week’s revised level. The 4-week moving average was 177,250.
Existing Home Sales Drop for Second Consecutive Month in March 2022
The National Association of Realtors® reported on Wednesday that total existing home sales dropped -2.7% in March from February to a seasonally adjusted rate at 5.77 million homes. This marks the second consecutive month of declines.
Mortgage Applications Decline for Sixth Consecutive Week in the Week Ending April 15, 2022
According to data from the Mortgage Bankers Association, for the week ending April 15, 2022, the Market Composite Index (a measure of mortgage loan application volume) declined -5.0% on a seasonally adjusted basis from one week earlier.